Income Tax Articles

Income Tax Savings on Home Loan

Ajay Kumar Maggidi 18 July 2020 at 14:13

Income tax act provides tax benefits to borrowers of home loan with respect to principal repayment, interest payment and registration charges

Section 44AD of Income Tax Act - Few Technical Aspects

CA Mehul Thakker 18 July 2020 at 12:30

One of the salient features of section 44AD is that the deduction under section 30 to 38 shall be deemed to have been allowed.

Amended Section 194N: TDS on Cash Withdrawals above Rs. 20 lakhs

Paras Jain 17 July 2020 at 09:58

In order to discourage cash transactions and move towards less-cash economy, Section 194N was inserted vide Finance Act, 2019

Special provisions for computing profits from plying, hiring or leasing goods carriage

CA Santhosh Gupta Kethepalli 16 July 2020 at 12:56

Section 44AE provides for estimating the business income of an owner of goods carriages from the plying, hire or leasing of such goods carriages.

Income Tax planning for school

Sandeep Rawat 16 July 2020 at 09:54

Income received by any university or educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government is fully exempt from tax

Which ITR form to be filed by Individuals to file their taxes?

Ajay Kumar Maggidi 14 July 2020 at 10:55

Income Tax Return (ITR) is a declaration of incomes and taxes thereon by tax payers. It is required to be filed in each assessment year for the incomes in earned in previous year. You had earned incomes and paid taxes (TDS/Advance tax) in previous year.

Professional Tax in India

Manzil Arora 13 July 2020 at 16:18

Professional tax is an indirect tax imposed by the state governments in India. A person earning an income from salary, trades, callings, or practicing a profession are required to pay this tax.

Change in TDS on cash withdrawal from 1st July 2020!

CA Umesh Sharma 13 July 2020 at 14:43

Change in TDS on cash withdrawal from 1st July 2020!

Impact of MLI on Indian Tax Treaties

CMA Damini Agarwal 13 July 2020 at 09:34

Multilateral Instruments (MLI) is indeed the talk of the town in the world of International Taxation. Under the OECD*/G20 inclusive framework on Base Erosion and Profit Shifting (BEPS), more than 125 countries are collaborating to put an end to tax avoidance strategies that exploit the gap and mismatches in tax rules to avoid paying taxes.

Reduced Rate of Income Tax for Domestic Companies - Section 115BAA

CA Alexandar Gazi 13 July 2020 at 09:34

Every domestic company can optionally choose to pay income tax @22% on its total income for any previous year relevant to the assessment year beginning on or after 01.04.2020